Via Matt Smith, Gavin Gibbon in agbi.com: Peter Rawlinson, the CEO of the Saudi Arabia-backed electric car maker Lucid Motors, has resigned after the Californian company’s total accumulated losses rose to almost $13 billion. Earlier this week, Lucid announced that its losses in 2024 were up almost 11 percent to $3.1 billion, from $2.8 billion the year before. Shares in Lucid, which began as a specialist battery maker in 2007, have lost more than 95 percent of their value since their November 2021 peak of nearly $58. They closed at $2.61 on Tuesday. Lucid has been majority-owned by Saudi Arabia’s Public Investment Fund since April 2019. PIF invested an additional $1 billion in the company in March last year and a further $1.5 billion in August, bringing its total investment to $8 billion for a 58 percent stake .
